Ann: Return of Capital - SDG, page-3

Call me stupid, call me dumb, but I still can't reconcile the simple maths :

NTA 30 June 2023 119c

Less
Dividend to be paid 20 Sept 11
Capital Return 90
____
Available to Distribute 18c

There are also surplus franking credits sufficient to pay an additional fully franked dividend of 12c per share at a franking rate of 30%.

So why propose delisting when there is 18c per share of unrealised value plus sufficient franking credits for an additional 12c dividend.

What am I missing ???


DYOR
IMO

Clare